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CIM Group’s CMCT Completes Partial Apartment Conversion of LA Offices
CMCT, a REIT operated by affiliates of CIM Group, completed the conversion of the top two floors of a three-story, approximately 143,000-square-foot office building at 4750 Wilshire Blvd. into 68 luxury apartment residences in the prominent Brookside neighborhood within the Park Mile Specific Plan of Los Angeles. Leasing at the property has gotten underway.
The conversion retained approximately 30,000 square feet of ground-floor creative office space, which is 100% leased as of September 2024. The office space will maintain the address of 4750 Wilshire Blvd. while the apartments will have the address of 701 S. Hudson Ave.
CMCT’s conversion of 4750 Wilshire aligns with its strategy to invest in premier apartments and creative office space in high-barrier-to-entry markets, the company said. As part of CMCT’s asset-light development approach, the company makes property-level equity investments alongside co-investors. Kanden Realty & Development, Taisei Corporation and a third institutional investor are co-investors in 4750 Wilshire.
- ◦Development
